Offtheshelf financial instruments July 2013 Regional Policy Types

"Off-the-shelf" financial instruments July 2013 Regional Policy

Types of instruments proposed: 1. Loan for SME's based on a portfolio risk sharing loan model (RS Loan); 2. Guarantee for SMEs (partial first loss portfolio) (Capped guarantee); 3. Equity Investment Fund for SMEs and start-up companies based on a co-investment model (Co-investment Facility); 4. Loan for energy efficiency and renewable energies in the residential building sector (Renovation Loan); + Template funding agreement Regional Policy

1. Loan for SME's based on a portfolio risk sharing loan model (RS Loan) Regional Policy

2. Guarantee for SMEs (partial first loss portfolio) (Capped guarantee) Regional Policy

3. Equity Investment Fund for SMEs and start-up companies based on a co-investment model (Coinvestment Facility) Regional Policy

4. Loan for energy efficiency and renewable energies in the residential building sector (Renovation Loan) Regional Policy

Term sheets • • • • Structure of the financial instrument Aim of the instrument State aid implication Lending/ guarantee/ investment policy Pricing policy Programme contribution to the financial intermediary (product details) Programme contribution to financial instrument (activities) Managing authority's liability Duration Alignment of interest Eligible financial intermediaries Targeted results (reporting, monitoring and evaluation) Final Recipients eligibility Characteristics of the product for the final recipients Evaluation of the economic benefit Regional Policy

Questions from the last meeting Ü Developed draft term sheets template have been communicated – details are now available Ü Off The Shelf instruments are opportunities, not an obligation Ü New Off The Shelf instruments might be developped later in other sectors/products based on the content of the programmes and demands (public building…) Ü Compatibility with other instruments shall be verified in the ex ante assessment Ü Private sector involvement is key (leverage, risk, implementation…) Ü RS Loan and Capped Guarantee Ü 4 years portfolio availability is a market practice and benchmark Ü Co-investment Facility Ü Conditions are determined by the GBER (FR eligibility, co-financing rates…) Ü Equity Investment Fund Regional Policy

Q&A time Thank you Regional Policy